Welcome to our dedicated page for Public Service Enterprise Group Incorporated news (Ticker: PEG), a resource for investors and traders seeking the latest updates and insights on Public Service Enterprise Group Incorporated stock.
Public Service Enterprise Group Incorporated (PSEG) (NYSE: PEG) is a leading diversified energy company headquartered in Newark, N.J. As New Jersey’s largest provider of electric and gas services, PSEG serves approximately 1.8 million gas customers and 3.3 million electric customers across New Jersey and New York. The company is a holding entity for multiple subsidiaries, including its regulated utility, Public Service Electric and Gas Co. (PSE&G), PSEG Power, and PSEG Long Island.
PSE&G delivers regulated gas and electricity services to a combined 4.2 million customers. It also operates the Long Island Power Authority system. PSE&G’s focus on infrastructure investment and energy efficiency programs has supported significant improvements in reliability and customer satisfaction, as evidenced by its top rankings in the J.D. Power 2023 U.S. Electric Utility Residential and Business Customer Satisfaction Studies.
PSEG Power owns and operates 19 power plants in the Northeast and Mid-Atlantic regions, as well as 36 solar energy facilities across New Jersey and eight other states. The company has strategically pivoted towards clean energy, selling its gas and oil power plants in 2022 to focus on nuclear power generation and renewable energy projects.
PSEG's commitment to a clean energy future is underscored by its Powering Progress vision, aiming for net-zero emissions by 2030. The company's initiatives include modernizing New Jersey’s energy infrastructure, advancing electric vehicle penetration, and executing the Clean Energy Future-Energy Efficiency and Infrastructure Advancement Programs. PSEG’s energy efficiency programs have notably helped customers save energy and reduce costs, translating into substantial environmental and economic benefits.
Financially, PSEG posted solid Q3 2023 results with net income of $139 million and affirmed its guidance for full-year 2023 non-GAAP Operating Earnings of $3.40 to $3.50 per share. The company continues to invest heavily in capital projects, with a total expected spend of $3.7 billion for 2023.
PSEG is also recognized for its leadership in sustainability, having been named to the Dow Jones Sustainability North America Index for 16 consecutive years and being actively involved in the U.N. Race to Zero. PSEG’s focus on customer service, energy efficiency, and clean energy positions it as a pivotal player in the transition toward a more sustainable and resilient energy future.
PSEG Long Island President and COO Daniel Eichhorn will retire in 2022 after 32 years of service. Eichhorn's retirement aims to facilitate a smooth leadership transition as the Long Island Power Authority board reviews a revised operations services agreement. Since his appointment in October 2017, Eichhorn has focused on operational improvements and customer satisfaction. His tenure is marked by a commitment to enhancing customer service and a strong dedication to the clean energy goals of the state.
PSEG is joining the National Electric Highway Coalition to establish a national electric vehicle (EV) charging network. The Clean Energy Future – Electric Vehicle program will support the installation of 45,000 EV chargers in New Jersey, with 3,000 providing fast-charging services along major highways. This initiative addresses 'range anxiety' and aims to provide accessible charging solutions. PSEG's program aligns with its vision for cleaner energy delivery and reliability, enhancing relationships with regional utilities.
The Board of Directors of Public Service Enterprise Group (PEG) has declared a $0.51 per share dividend for Q4 2021, payable by December 31, 2021, to shareholders of record on December 9, 2021. This announcement follows an investor conference in September 2021 where a $500 million share repurchase program was revealed, set to commence after the completion of the Fossil sale. The sales transactions are expected to finalize in late Q4 2021 or early Q1 2022.
PSEG Chairman, President, and CEO Ralph Izzo attended COP26 in Glasgow, where he highlighted the urgent need for action against climate change. With New Jersey facing climate crises, Izzo emphasized the state's progress toward clean energy as a model for others. He met with global leaders to advocate for aggressive carbon reduction goals and outlined a five-point plan for decarbonization. PSEG's net-zero climate vision for 2030 underscores their commitment to sustainability, focusing not only on energy transition but also on addressing inequities faced by vulnerable communities.
Public Service Enterprise Group (NYSE: PEG) reported a net loss of $1,564 million ($3.10 per share) for Q3 2021, sharply down from a net income of $575 million ($1.14 per share) in Q3 2020. Non-GAAP Operating Earnings rose slightly to $495 million ($0.98 per share) compared to $488 million ($0.96 per share) a year earlier. The loss includes a significant pre-tax impairment of $2,175 million linked to the Fossil sale. Despite this, the company has raised its full-year non-GAAP EPS guidance to $3.55-$3.70 per share. PSEG Power plans significant investments and continues its transition to a regulated utility with zero-carbon goals.
PSEG and Ørsted have jointly proposed the Coastal Wind Link, aimed at enhancing offshore wind transmission in New Jersey. This initiative is part of the state's commitment to achieving 7,500 megawatts of offshore wind energy by 2035 and 100% clean energy by 2050. The proposals leverage PSEG's transmission experience and Ørsted's offshore expertise, promising reliable and cost-effective infrastructure. The collaboration is expected to create hundreds of millions of dollars in economic benefits and skilled jobs over the next decade, fostering a sustainable clean energy future in New Jersey.
PSE&G is enhancing support for customers affected by the pandemic, expanding eligibility for utility assistance programs. A family of four can now make up to $105,000 per year to qualify for help. This is more than double the prior limit. The utility is also promoting payment flexibility through Deferred Payment Arrangements (DPAs), allowing customers to manage past-due balances. PSE&G collaborates with community advocates to increase awareness about available resources and assistance programs, ensuring customers can stay connected during challenging times.
PSEG Long Island has announced a program offering eligible households up to $10,000 in financial assistance to help cover unpaid utility bills due to pandemic-related hardships. This state-run initiative, funded by the American Rescue Plan Act of 2021, is available for households behind on heating utility bills and qualifying for the Home Energy Assistance Program but not for other state assistance programs. Customers can call 1-800-490-0025 for more information and to set up individualized payment agreements.
PSEG announced its commitment to the Business Ambition for 1.5°C and Race to Zero campaigns, aiming to develop science-based targets for emissions reduction. CEO Ralph Izzo emphasized the company's responsibility in addressing climate change. PSEG launched its 2021 Sustainability and Climate Report, showcasing a 54% reduction in greenhouse gas emissions since 2005 and significant decreases in NOx and SO2 emissions. Moreover, the report outlines PSEG's sustainability targets, including energy efficiency, waste minimization, and biodiversity initiatives, reinforcing its net-zero emissions vision by 2030.
FAQ
What is the current stock price of Public Service Enterprise Group Incorporated (PEG)?
What is the market cap of Public Service Enterprise Group Incorporated (PEG)?
What does Public Service Enterprise Group (PSEG) do?
How many customers does PSEG serve?
What are PSEG's clean energy initiatives?
What are PSEG's financial highlights for Q3 2023?
What recognitions has PSEG received for customer satisfaction?
How is PSEG contributing to New Jersey's sustainability goals?
What recent investments has PSEG made?
What are PSEG's core business areas?
Where is PSEG headquartered?
Where can I find PSEG's latest financial reports and news?
